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Azerbaijan aims to strengthen insurance against work accidents (UPDATE)

Business Materials 28 September 2018 13:43
Azerbaijan aims to increase the penetration rate of insurance against accidents at work, CEO of the Financial Market Supervisory Authority of Azerbaijan (FIMSA)

Details added (first version posted at 10:52).

Baku, Azerbaijan, Sept. 28

By Anvar Mammadov - Trend:

Azerbaijan aims to increase the penetration rate of insurance against accidents at work, CEO of the Financial Market Supervisory Authority of Azerbaijan (FIMSA) Ibrahim Alishov said at the ceremony of signing a memorandum of cooperation between the Ministry of Labor and Social Protection of Azerbaijan, FIMSA, the Compulsory Insurance Bureau and insurance companies on Sept. 28.

Presently, the penetration rate of insurance against industrial accidents is 35 percent, Alishov said.

"Considering that, out of 3.3 million employees, 1.6 million are insured, as a result of the integration of information systems, penetration of this type of insurance, as well as fees, will significantly increase," Alishov said.

The chief executive also added that fees for this type of insurance in 2017 amounted to 33.2 million manats with payments of 4.3 million manat, and in the 1H018, these figures amounted to 21.3 million and 1.7 million respectively.

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